Digital wealth platform Syfe gets US$27 million to grow business in key markets
The latest funding round brings the total amount raised to date to US$79 million
DIGITAL wealth manager Syfe has raised US$27 million in a funding round led by two UK family offices, as well as existing investors Valar Ventures and Unbound.
On Wednesday (Aug 14), the company said its valuation has increased with this funding round, but declined to reveal any figures. This latest round, which comes three years after its previous financing, brings the total amount of money raised to date to US$79 million.
Syfe pointed out that this investment came amid a challenging funding environment, with financing in Asia falling to its lowest level since 2015. According to Crunchbase, venture funding in Asia amounted to US$78.1 billion in 2023, representing a significant fall from the US$125.2 billion funded in the previous year.
Dhruv Arora, founder and chief executive of Syfe, said: “Securing quality investment in the current fundraising environment is not only a significant milestone for Syfe, but also for consumer-facing digital wealth businesses across the region.”
Syfe noted that the fresh funds will be used to expand its businesses in Singapore, Hong Kong and Australia, as well as create new products that will improve user experience.
In the coming weeks, the digital brokerage platform will be launching an investment portfolio that will help mitigate the impact of market volatility as seen in today’s economy, said Arora.
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“This will enable people to enter the market with more confidence and capture the upside potential of markets as interest rates start to come down,” he added.
The funds will also be used to finance potential investment opportunities and acquisitions that are aligned with its growth objectives, said the Singapore-based fintech.
Arora said: “This is most likely to be businesses that are digital first, rather than traditional wealth businesses that require an army of wealth advisers to service customers.”
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He added: “Our model has always been digital first, with human interaction for those who want it. This allows us to provide institutional-grade investment products at a fraction of the cost of traditional wealth managers.”
Arora founded the company in 2019, with the aim of making investing more accessible. For Syfe, management fees are between 0.35 and 0.65 per cent, and there is no minimum amount required to start investing.
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